Wellesley, Mass., Oct. 08, 2018: The global market for the Internet of Things (IoT) in retail has experienced significant growth, according to a new report from BCC Research.
according to The Internet of Things (IoT) in Retail: Global Markets Through 2023.
Retailers are investing in radio frequency identification (RFID) inventory tracking chips, traditional in-store infrared foot-traffic counters, cellular and WiFi tracking systems, digital signage and kiosks, as well as applications for customers’ mobile devices. Thus, IoT is sprouting in every aspect of the retail value chain and shopping experience.
Research Highlights
- North America is predicted to have the largest monetary growth by 2023 at $20.8 billion while the Asia-Pacific region will have the largest CAGR at 19.1 per cent.
- Retail companies that are starting to use IoT for their store formats include Alibaba, Amazon, Home Depot, Nordstrom and Starbucks.
- Major players that are offering IoT services include IBM, Intel, Microsoft, Oracle, SAP and Software AG.
“With immature standards and multiple software and hardware systems, as well as security obstacles, retail IoT represents an overwhelming set of new challenges for retailers to absorb,” said BCC Research Senior Editor and report author Michael Sullivan. “Retailers, however, have little choice but to embrace IoT, as can be seen by the shifting low-margin retail landscape driven by demographics favoring digitally savvy companies.”